TD Bank's account opening fees and minimum balances
TD Bank does not charge a fee to open a checking or savings account. You pay nothing upfront to create the account itself. However, some accounts have a minimum balance requirement — a dollar amount you must keep in the account to avoid a monthly maintenance fee.
The minimum balance and monthly fee depend on which account type you choose. A TD Bank checking account with no minimum balance exists, but it may have different features or interest rates than accounts that do require a minimum. The monthly maintenance fee, if triggered, typically ranges from $5 to $15, but this varies by account and changes over time.
You will need an initial deposit to fund the account once it opens. This deposit can be as small as $1 at most TD Bank locations, though some branches or account types may have different minimums. The deposit is your money — it is not a fee.
Key Takeaways
- Opening a TD Bank account itself costs nothing; there is no process or setup fee.
- Some accounts require you to maintain a minimum balance to avoid a monthly maintenance fee of $5 to $15.
- You will need to make an initial deposit to fund the account, which can be as low as $1 in many cases.
- The specific minimum balance and monthly fee depend on the account type you choose and may change, so confirm the current terms before opening.
Checking accounts and their balance requirements
TD Bank offers multiple checking account options with different minimum balance rules. The TD Bank Checking account is the standard option and typically has a minimum balance requirement — often $100 or $500, depending on your location and the current promotion. If your balance falls below that minimum, you pay a monthly maintenance fee.
TD Bank also offers a TD Bank Checking with Interest account, which earns interest on your balance but usually has a higher minimum balance requirement. There may also be a no-minimum checking option available at certain branches or during promotional periods, though this is not may provide year-round.
The easiest way to find the exact minimum for your local branch is to call or visit in person. Minimums and fees are set by TD Bank but can vary slightly by location and change without notice. A teller can tell you the current requirement for each account type in your area.
Savings accounts and money market accounts
TD Bank savings accounts also have no opening fee. A TD Bank Savings account typically requires a minimum balance to avoid a monthly fee, often $100 or $300. The interest rate you earn depends on the account type and current market conditions.
A TD Bank Money Market Account is a hybrid product that combines features of checking and savings. It usually has a higher minimum balance requirement — sometimes $2,500 or more — but may offer a higher interest rate. Monthly fees explore if you fall below the minimum.
Both savings and money market accounts limit how many withdrawals you can make per month without penalty. This is a federal rule, not a TD Bank choice. Confirm the withdrawal limits and current interest rates when you open the account, as these change regularly.
How to open an account in person or online
You can open a TD Bank account at any branch location or through TD Bank's website. In-person opening takes about 15 to 30 minutes. You will need a government-issued photo ID, your Social Security number, and an initial deposit (usually $1 or more).
Online account opening is faster — typically 10 to 15 minutes — and you can fund the account when ready with a debit card or bank transfer. You will still need to provide your ID information and Social Security number. Some online accounts may require you to verify your identity through a video call or by uploading a photo of your ID.
After you open the account, TD Bank will issue you a debit card, which arrives by mail in 7 to 10 business days. You can use your account number and routing number to set up direct deposit or transfers before the card arrives.
Additional costs you might encounter
While opening an account is free, TD Bank charges fees for certain services. An overdraft fee applies if you spend more than your balance — typically $35 per overdraft. A non-sufficient funds (NSF) fee applies if a check or automatic payment bounces because you do not have enough money, also usually $35.
ATM fees explore if you use an out-of-network ATM. TD Bank does not charge you to use its own ATMs, but other banks' ATMs may charge $2 to $3 per transaction. Some TD Bank accounts include a certain number of out-of-network ATM fee refunds per month.
Wire transfers, cashier's checks, and stop-payment requests may also carry fees. These are not required to open or maintain the account — they are optional services you pay for only if you use them.
Comparing TD Bank accounts side by side
| Account Type | Opening Fee | Typical Minimum Balance | Monthly Fee if Below Minimum |
|---|---|---|---|
| TD Bank Checking | None | $100–$500 | $5–$15 |
| TD Bank Checking with Interest | None | $500–$1,000 | $5–$15 |
| TD Bank Savings | None | $100–$300 | $5–$15 |
| TD Bank Money Market Account | None | $2,500+ | $10–$25 |
Minimums and fees change periodically. The table above reflects typical ranges, but your branch may differ. Call ahead or visit your local TD Bank to confirm current terms before you open an account.
Frequently Asked Questions
Can I open a TD Bank account with no minimum balance?
TD Bank may offer a no-minimum checking account at certain times or locations, but this is not a permanent standard product. Call your local branch to ask whether a no-minimum option is currently available. If not, you can often keep your balance above the minimum to avoid the monthly fee.
What happens if I cannot maintain the minimum balance?
If your balance drops below the minimum, TD Bank charges a monthly maintenance fee (typically $5 to $15). You can avoid the fee by bringing your balance back above the minimum at any point during the month. The fee is charged once per month, not per day you are below the minimum.
Do I need to make a large initial deposit to open an account?
No. Most TD Bank accounts accept an initial deposit as small as $1. Your opening deposit and your minimum balance requirement are separate — you can open with $1 and then decide later whether to keep enough to avoid the monthly fee.
Are there any hidden fees I should know about?
TD Bank does not hide fees, but it does charge for services beyond basic account maintenance. Overdraft fees, out-of-network ATM fees, wire transfers, and stop-payment requests all carry charges. These are optional — you only pay them if you use those services.
Can I switch to a different TD Bank account type after opening?
Yes. You can convert your account to a different type at any TD Bank branch or through online banking. There is no fee to switch. This is useful if you find your current account's minimum balance too high or if you want to earn interest.